Building credit rating?

[sms78 18]

Check this out:

http://www.experian.com/ask-experian/20110202-adding-new-spouse-as-authorized-user-can-help-build-credit-history.html

Thanks. This helped a lot. It's better to be a joint owner, but being an authorized user still helps building my score..! Got ittt

[The Mean Lady 604]

Thanks. This helped a lot. It's better to be a joint owner, but being an authorized user still helps building my score..! Got ittt

That actually said it COULD help build credit score, but is most often not included.

[Nica_In_Love 98]

You had to have already had some sort of credit (history) to get the unsecured card. I know people who have been denied the SECURED card and they have no credit either. :S Did you check your history before applying? I had "nothing could be found" reports.

I applied for the same card, no credit history, was approved for $500.

OP, I recommend you apply for that one as well, one of my co-workers just moved here from China, she applied for a Macy's card and was denied. I gave her this link for Capital one and she was approved for $300.

[cassecouilles 3]

It seems so surreal to me that in order to have a good credit score in the states you have to prove that you're able to go into debt (or spend money you don't have) and then pay off your debt. Or am I over-simplifying things? What's wrong with not having a credit card because you don't believe in it and managing your money well enough that you never have to go into red? Imagine my fiance and I get married and decide to sell his house and buy another home, can we even get a loan together? It just seems so confusing :-)

[VanessaTony 3,567]

It seems so surreal to me that in order to have a good credit score in the states you have to prove that you're able to go into debt (or spend money you don't have) and then pay off your debt. Or am I over-simplifying things? What's wrong with not having a credit card because you don't believe in it and managing your money well enough that you never have to go into red? Imagine my fiance and I get married and decide to sell his house and buy another home, can we even get a loan together? It just seems so confusing :-)

Not over simplifying at all. You need to have ACCESS to credit in order to improve your scores, but not necessarily actually into debt.

If you don't have credit history, or a good score, some places won't let you get a loan, others WILL but the interest rate will be insane. Our rate is less than 4%

[Eve&Josh 5]

Check this out:

http://www.experian.com/ask-experian/20110202-adding-new-spouse-as-authorized-user-can-help-build-credit-history.html

Wasn't the information from February 2011? I think things have changed since then, and for you to be able to build credit you need to co-own the card, being just an authorized user doesn't do the trick. At least this is what I have been told.

I applied for the Capital One Newcomers credit card twice, first time got denied and second time approved with a $500 credit limit. I understand you had to have stayed in the US for a little while before they approve you (like 6 months maybe), and/or you need to have your Green Card. The first time I applied I had been here for about 4 months maybe, didn't have my Green Card yet nor even my EAD. Second time around was early this fall.

[Nica_In_Love 98]

Wasn't the information from February 2011? I think things have changed since then, and for you to be able to build credit you need to co-own the card, being just an authorized user doesn't do the trick. At least this is what I have been told.

I applied for the Capital One Newcomers credit card twice, first time got denied and second time approved with a $500 credit limit. I understand you had to have stayed in the US for a little while before they approve you (like 6 months maybe), and/or you need to have your Green Card. The first time I applied I had been here for about 4 months maybe, didn't have my Green Card yet nor even my EAD. Second time around was early this fall.

I applied after being 4 months in the U.S. Not sure on what basis they approve or deny but I had no credit history, and no job yet. I did have my Green Card already.

[Teddy B 17,252]

My wife came here with no credit just like everyone else. I added her to most of my credit cards as an authorized user for approx. 4 months, with no social security number needed. Believe it or not this helped her get a pretty high credit score, her name was "piggybacked" to my credit. I then added her as a joint applicant on my BOA credit card that has an $8,000 limit, within 3 months she had accumulated a credit score almost equal to mine, around 800. We went to make a major purchase about a month ago, the store had a no interest, 3 year plan for any purchases over $3,000, so we took a shot to see if my wife could get this on her own without my info, she not only was approved for the 3K, but she was given a 7K credit limit.

The quickest and easiest way to accumulate credit is to "piggyback" on someone that has great credit, you don't even need a social security number to do this, I put my wife on my BOA credit card before she got her social security number. The next step is to add the person as a joint applicant, this does require a social security number becasue it comes with payback responsibilities. Within a year my wife has a credit score around 780. Everyday she gets mail from credit card companies wanting her business and all for low interest rate cards.

[JensJrny2Ray 367]

How do you build credit once you are a Permanent Resident?

I know you can't carry your credit over from another country, so how do you begin building credit when you have none and places don't give credit when you don't have a rating to begin with?

So frustrating

Just saw this thread. So you mean to say that my credit rating from my bank, credit cards etc in Canada doesn't mean anything in the USA? Like if I apply for a loan or credit card etc, they don't even see my Canadian history? What about student loans?

Edited November 28, 2012 by JensJrny2Ray

[Teddy B 17,252]

Just saw this thread. So you mean to say that my credit rating from my bank, credit cards etc in Canada doesn't mean anything in the USA? Like if I apply for a loan or credit card etc, they don't even see my Canadian history? What about student loans?

Your credit rating from Canada means nothing in the US, whether it be good or bad. They might be able to look up your credit rating from Canada, but it does not affect your rating here.

[Eve&Josh 5]

How can you find out what your credit score is?

We did get a credit card together at Bank of America before I got the one at Capital One, so maybe that actually did the trick. And the Green Card too I'm sure. I'm not sure though whether the BoA credit card is one that I'm just an authorized user of or a co-applicant (the whole visit to the bank and getting a credit card was a huge mess and a long story). I'm sure I could find out but I don't even use that card..

To have a credit score around 800 is pretty rare I understand, that's pretty awesome that your wife managed to build it up all the way there that easily. Congrats Teddy B!

[VanessaTony 3,567]

How can you find out what your credit score is?

We did get a credit card together at Bank of America before I got the one at Capital One, so maybe that actually did the trick. And the Green Card too I'm sure. I'm not sure though whether the BoA credit card is one that I'm just an authorized user of or a co-applicant (the whole visit to the bank and getting a credit card was a huge mess and a long story). I'm sure I could find out but I don't even use that card..

To have a credit score around 800 is pretty rare I understand, that's pretty awesome that your wife managed to build it up all the way there that easily. Congrats Teddy B!

I used creditkarma.com to check my score

[Teddy B 17,252]

How can you find out what your credit score is?

We did get a credit card together at Bank of America before I got the one at Capital One, so maybe that actually did the trick. And the Green Card too I'm sure. I'm not sure though whether the BoA credit card is one that I'm just an authorized user of or a co-applicant (the whole visit to the bank and getting a credit card was a huge mess and a long story). I'm sure I could find out but I don't even use that card..

To have a credit score around 800 is pretty rare I understand, that's pretty awesome that your wife managed to build it up all the way there that easily. Congrats Teddy B!

Hi Eve & Josh,

You are allowed one free credit report a year by law. You can go to the following link to get yours: Free Credit Report This site is sponsored by the Federal Trade Commission and the three major credit bureaus.

Thank you for the compliment. It took me a long time to get my score that high, when I was younger I was a little irresponsible with my money, and my credit was not that great. Now I haven't had one late payment for anything in over 20 years. I was very surprised at how quickly my wife's score rose too, but we'll definitely take it.

[Eve&Josh 5]

I used creditkarma.com to check my score

Thanks, Vanessa!

Hi Eve & Josh,

You are allowed one free credit report a year by law. You can go to the following link to get yours: Free Credit Report This site is sponsored by the Federal Trade Commission and the three major credit bureaus.

Thank you for the compliment. It took me a long time to get my score that high, when I was younger I was a little irresponsible with my money, and my credit was not that great. Now I haven't had one late payment for anything in over 20 years. I was very surprised at how quickly my wife's score rose too, but we'll definitely take it.

You're welcome, and thank you for all your help! Good luck to you and your wife

-Eve

[Teddy B 17,252]

Thanks, Vanessa!

You're welcome, and thank you for all your help! Good luck to you and your wife

-Eve

Same to you.